RigNet Inc. (NASDAQ:RNET)’s share price dropped 4.9% on Monday . The stock traded as low as $11.34 and last traded at $11.37, with a volume of 53,027 shares changing hands. The stock had previously closed at $11.95.

RNET has been the topic of several analyst reports. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of RigNet in a research report on Tuesday, May 10th. Sidoti raised RigNet from a “neutral” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Tuesday, June 28th. Finally, Zacks Investment Research raised RigNet from a “sell” rating to a “hold” rating in a report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $15.33.

The company’s 50 day moving average price is $12.50 and its 200-day moving average price is $13.20. The firm’s market cap is $202.14 million.

RigNet (NASDAQ:RNET) last released its earnings results on Monday, May 9th. The company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.46. During the same period in the previous year, the company earned ($0.06) earnings per share. The firm earned $62.30 million during the quarter, compared to analyst estimates of $58.91 million. RigNet’s revenue was down 19.7% on a year-over-year basis. Equities analysts predict that RigNet Inc. will post ($0.01) EPS for the current year.

In other RigNet news, Director Kevin C. Mulloy sold 3,700 shares of the company’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $12.80, for a total value of $47,360.00. Following the sale, the director now directly owns 3,702 shares of the company’s stock, valued at $47,385.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles Louis Iv Davis sold 3,500 shares of the company’s stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $12.42, for a total transaction of $43,470.00. Following the completion of the sale, the director now directly owns 42,406 shares in the company, valued at $526,682.52. The disclosure for this sale can be found here.

A number of large investors have bought and sold shares of RNET. Rutabaga Capital Management LLC MA raised its stake in RigNet by 11.4% in the fourth quarter. Rutabaga Capital Management LLC MA now owns 1,020,384 shares of the company’s stock valued at $21,112,000 after buying an additional 104,765 shares during the last quarter. Stephens Investment Management Group LLC raised its stake in RigNet by 13.6% in the fourth quarter. Stephens Investment Management Group LLC now owns 455,229 shares of the company’s stock valued at $9,419,000 after buying an additional 54,635 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in RigNet by 7.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 315,248 shares of the company’s stock valued at $6,522,000 after buying an additional 22,449 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its stake in RigNet by 4.8% in the fourth quarter. OppenheimerFunds Inc. now owns 486,119 shares of the company’s stock valued at $10,058,000 after buying an additional 22,419 shares during the last quarter.

RigNet, Inc is a provider of digital technology solutions to the oil and gas industry. The Company delivers voice, data, video and other collaborative services through an Internet protocol/multiprotocol label switching (IP/MPLS) global network. It operates through three segments: Eastern Hemisphere, Western Hemisphere and Telecoms Systems Integration (TSI).

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